
	September 30, 2025						December 31, 2024
(In millions)	Current		Long-Term		Total		Current		Long-Term		Total
Debt securities	$	490	$	7,861	$	8,351	$	463	$	8,960	$	9,423
Equity securities	17		3,500		3,517		7		554		561
Commercial mortgage loans	100		1,158		1,258		108		1,243		1,351
Policy loans	—		1,080		1,080		—		1,156		1,156
Other long-term investments	—		4,884		4,884		—		4,576		4,576
Short-term investments	276		—		276		170		—		170
Total							$	748	$	16,489	$	17,237
Investments classified as assets of businesses held for sale (1)							(83)		(1,361)		(1,444)
Investments per Consolidated Balance Sheets	$	883	$	18,483	$	19,366	$	665	$	15,128	$	15,793

(1) Investments related to the HCSC transaction that were held for sale as of December 31, 2024. These investments were primarily comprised of debt securities.



(In millions)	Amortized Cost		Fair Value
Due in one year or less	$	653	$	573
Due after one year through five years	3,649		3,639
Due after five years through ten years	2,103		2,052
Due after ten years	1,978		1,842
Mortgage and other asset-backed securities	271		245
Total	$	8,654	$	8,351

Actual maturities of these securities could differ from their contractual maturities used in the table above because issuers may have the right to call or prepay obligations, with or without penalties.


(In millions)	Amortized Cost		Allowance for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
September 30, 2025
Federal government and agency	$	214	$	—	$	16	$	(4)	$	226
State and local government	24		—		1		—		25
Foreign government	407		—		12		(7)		412
Corporate	7,738		(118)		168		(345)		7,443
Mortgage and other asset-backed	271		—		2		(28)		245
Total	$	8,654	$	(118)	$	199	$	(384)	$	8,351


December 31, 2024
Federal government and agency	$	276	$	—	$	14	$	(9)	$	281
State and local government	37		—		1		(1)		37
Foreign government	350		—		5		(11)		344
Corporate	9,091		(111)		102		(659)		8,423
Mortgage and other asset-backed	371		—		1		(34)		338
Total	$	10,125	$	(111)	$	123	$	(714)	$	9,423

Review of Declines in Fair Value. Management reviews debt securities in an unrealized loss position to determine whether a credit loss allowance is needed based on criteria that include severity of decline; financial health and specific prospects of the issuer; and changes in the regulatory, economic or general market environment of the issuer's industry or geographic region.

The table below summarizes debt securities with a decline in fair value from amortized cost for which an allowance for credit losses has not been recorded (by investment grade and the length of time these securities have been in an unrealized loss position). Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.


	September 30, 2025							December 31, 2024
(Dollars in millions)	Fair Value		Amortized Cost		Unrealized Depreciation		Number of Issues	Fair Value		Amortized Cost		Unrealized Depreciation		Number of Issues
One year or less
Investment grade	$	276	$	278	$	(2)	121	$	1,203	$	1,227	$	(24)	545
Below investment grade	52		58		(6)		252	245		250		(5)		739
More than one year
Investment grade	3,389		3,747		(358)		918	4,687		5,319		(632)		1,297
Below investment grade	213		231		(18)		74	416		469		(53)		123
Total	$	3,930	$	4,314	$	(384)	1,365	$	6,551	$	7,265	$	(714)	2,704


	September 30, 2025				December 31, 2024
(In millions)	Cost		Carrying Value		Cost		Carrying Value
Equity securities with readily determinable fair values	$	641	$	134	$	635	$	37
Equity securities with no readily determinable fair value	6,167		3,383		3,215		524
Total	$	6,808	$	3,517	$	3,850	$	561

In the third quarter of 2025, the Company invested $3.5 billion in preferred stock of Shields and a compounding dividend is recorded in Fees and other revenues within the Consolidated Statements of Income. The investment is included in equity securities with no readily determinable fair value in the table above.

Mortgage loans held by the Company are made exclusively to commercial borrowers and are diversified by property type, location and borrower. Loans are generally issued at fixed rates of interest and are secured by high-quality, primarily completed and substantially leased operating properties.

The Company regularly evaluates and monitors credit risk from the initial mortgage loan underwriting and throughout the investment holding period. The annual portfolio review performed in the second quarter of 2025 confirmed ongoing strong overall credit quality in line with the previous year's results. For more information on the Company's accounting policies and methodologies regarding these investments, see Note 11 in the Company's 2024 Form 10-K.


(Dollars in millions)	September 30, 2025					December 31, 2024
Loan-to-Value Ratio	Carrying Value		Average Debt Service Coverage Ratio	Average Loan-to-Value Ratio		Carrying Value		Average Debt Service Coverage Ratio	Average Loan-to-Value Ratio
Below 60%	$	356	2.13			$	547	2.07
60% to 79%	717		1.77			595		1.83
80% to 100%	185		0.87			209		0.51



Total	$	1,258	1.72	71	%	$	1,351	1.70	69	%

Other long-term investments include investments in unconsolidated entities, including certain limited partnerships and limited liability companies holding real estate, securities or loans. These investments are carried at cost plus the Company's ownership percentage of reporting income or loss, based on the financial statements of the underlying investments that are generally reported at fair value. Income or loss from these investments is reported on a one-quarter lag due to the timing of when financial information is received from the general partner or manager of the investments.

Other long-term investments also include investment real estate carried at depreciated cost less any impairment write-downs to fair value when cash flow estimates indicate that the carrying value may not be recoverable. Additionally, statutory and other restricted deposits and foreign currency swaps carried at fair value are reported in the table below as Other. The following table provides the carrying value information for these investments:


	Carrying Value as of
(In millions)	September 30, 2025		December 31, 2024
Real estate investments	$	1,800	$	1,763
Securities partnerships	2,896		2,587
Other	188		226
Total	$	4,884	$	4,576

The Company uses derivative financial instruments to manage the characteristics of investment assets (such as duration, yield, currency and liquidity) to meet the varying demands of the related insurance and contractholder liabilities. The Company also uses derivative financial instruments to hedge the risk of changes in the net assets of certain of its foreign subsidiaries due to changes in foreign currency exchange rates and to hedge the interest rate risk of certain long-term debt. The Company also has derivative instruments associated with certain equity securities; see Note 12 to the Consolidated Financial Statements for further discussion.

As of September 30, 2025, the notional value of interest rate swap contracts increased to $2.8 billion compared with $2.7 billion as of December 31, 2024. There were no other material changes to the Company's individual derivative hedging strategies during the three and nine months ended September 30, 2025. Please refer to the Company's 2024 Form 10-K for further discussion of the types of derivative financial instruments and associated accounting policies. The effects of derivative financial instruments used in our individual hedging strategies were not material to the Consolidated Financial Statements as of September 30, 2025 and December 31, 2024. The gross fair values of our derivative financial instruments are presented in Note 12 to the Consolidated Financial Statements.